Reports
Global Microinsurance Market: By Product Type: Property Insurance, Health Insurance, Life Insurance, Index Insurance, Accidental Death and Disability Insurance, Others; By Provider; By Model Type; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Microinsurance Market Outlook
The global microinsurance market size was around USD 68.6 billion in 2020. The industry is further expected to grow at a CAGR of 6.5% over the forecast period of 2023-2028 to attain a value of around USD 100 billion by 2026.
The global microinsurance market is being driven by the growing insurance industry and rapid digitalisation, ensuring transparency between the consumers and service providers. The commercially viable microinsurance segment, among other service providers, accounts for the majority of the total market share.
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Region-wise, the Asia Pacific holds the leading position in the market owing to the presence of a large population and favourable government initiatives. Within the Asia Pacific, continuous improvements in regulatory policies, especially in developing nations, is expected to create a positive outlook for the industry. For instance, the Insurance Regulatory and Development Authority of India (IRDAI), in a bid to increase the penetration of insurance in the country, permitted the distribution of all microinsurance products through point-of-sales (PoS) in 2018. The governments in such regions are framing policies to raise competitiveness, promoting innovation, and contributing to the economic growth by encouraging customers to take up microinsurance products and making banking easier and more accessible. Such trends are expected to contribute to the global microinsurance market growth over the forecast period.
Market Segmentation
A part of microfinance, microinsurance is a type of insurance coverage offered to low-income sections of the society. It wholly or partially reimburses the medical and various other needs of the individuals belonging to the financially weaker section with low premiums and a tailored scheme. Thus, it provides customers compensation for an injury, illness, disabilities, death, and various property risks.
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The microinsurance market segmentation, based on product type, is as follows:
- Property Insurance
- Health Insurance
- Life Insurance
- Index Insurance
- Accidental Death and Disability Insurance
- Others
On the basis of provider, the microinsurance market has been categorised into:
- Microinsurance (Commercially Viable)
- Microinsurance Through Aid/Government Support
On the basis of model type, the microinsurance market has been categorised into:
- Partner Agent Model
- Full-Service Model
- Provider Driven Model
- Community-Based/Mutual Model
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Market Analysis
The global microinsurance market is being driven by the implementation of favourable government initiatives, the growing insurance industry, and rising awareness regarding insurance programmes among consumers. The growing prevalence of busy and sedentary lifestyles is leading to the growth in incidences of obesity and diabetes across the globe. This is creating a need for microinsurance, which can cover the growing medical expenses. The launch of affordable insurance plans, which can further be customised to fulfil customers’ requirements, is contributing to the industry growth. The development of novel programmes by the leading players in the industry, aimed at providing a safeguard against exorbitant medical bills to the consumers, is expected to aid the microinsurance market growth over the forecast period.
Microinsurance is increasingly being preferred owing to its affordability and transparent dynamics, which aids the consumers. Also, several organisations are employing multichannel platforms and virtual networks to provide incentives and build a value chain in the microinsurance business. Further, the advent of consumer-friendly insurance models, like the peer-to-peer model, is also providing a thrust to the microinsurance market growth. Several companies are increasingly adopting automated portfolio monitoring, which keeps them updated about the credit flow of their client segment and allows them to keep track and take appropriate steps with immediate effect. This helps the microinsurance companies to minimise their risks and propel better revenues and profits. Such factors are anticipated to boost the industry growth in the future.
The report also gives a detailed analysis of the major key players in the global microinsurance market, covering their competitive landscape, capacity, and latest developments like mergers and acquisitions, investments, capacity expansion, and plant turnarounds. The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Product Type, Provider, Model Type, Region |
| Breakup by Product Type | Property Insurance, Health Insurance, Life Insurance, Index Insurance, Accidental Death and Disability Insurance, Others |
| Breakup by Provider | Microinsurance (Commercially Viable), Microinsurance Through Aid/Government Support |
| Breakup by Model Type | Partner Agent Model, Full-Service Model, Provider Driven Model, Community-Based/Mutual Model, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Microinsurance Market Analysis
8.1 Key Industry Highlights
8.2 Global Microinsurance Historical Market (2018-2022)
8.3 Global Microinsurance Market Forecast (2023-2028)
8.4 Global Microinsurance Market by Product Type
8.4.1 Property Insurance
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Health Insurance
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Life Insurance
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Index Insurance
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.4.5 Accidental Death and Disability Insurance
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2022)
8.4.5.3 Forecast Trend (2023-2028)
8.4.6 Others
8.5 Global Microinsurance Market by Provider
8.5.1 Microinsurance (Commercially Viable)
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Microinsurance Through Aid/Government Support
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Microinsurance Market by Model Type
8.6.1 Partner Agent Model
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Full-Service Model
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Provider Driven Model
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Community-Based/Mutual Model
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Others
8.7 Global Microinsurance Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2022)
8.7.5.3 Forecast Trend (2023-2028)
9 North America Microinsurance Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Microinsurance Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Microinsurance Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Microinsurance Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Microinsurance Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Etiqa Life and General Assurance Philippines, Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 SBI Life Insurance Company Limited
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 AFP General Insurance Corporation (AFPGEN)
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 MIC Global
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 CLIMBS Life and General Insurance Cooperative
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Microinsurance Market: Key Industry Highlights, 2017 and 2027
2. Global Microinsurance Historical Market: Breakup by Product Type (USD Billion), 2018-2022
3. Global Microinsurance Market Forecast: Breakup by Product Type (USD Billion), 2023-2028
4. Global Microinsurance Historical Market: Breakup by Provider (USD Billion), 2018-2022
5. Global Microinsurance Market Forecast: Breakup by Provider (USD Billion), 2023-2028
6. Global Microinsurance Historical Market: Breakup by Model Type (USD Billion), 2018-2022
7. Global Microinsurance Market Forecast: Breakup by Model Type (USD Billion), 2023-2028
8. Global Microinsurance Historical Market: Breakup by Region (USD Billion), 2018-2022
9. Global Microinsurance Market Forecast: Breakup by Region (USD Billion), 2023-2028
10. North America Microinsurance Historical Market: Breakup by Country (USD Billion), 2018-2022
11. North America Microinsurance Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Europe Microinsurance Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Europe Microinsurance Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Asia Pacific Microinsurance Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Asia Pacific Microinsurance Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Latin America Microinsurance Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Latin America Microinsurance Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Middle East and Africa Microinsurance Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Middle East and Africa Microinsurance Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Global Microinsurance Market Structure
Key Questions Answered in the Report
In 2020, the global microinsurance market attained a value of nearly USD 68.6 billion.
The market is projected to grow at a CAGR of 6.5% between 2021 and 2026.
The market is estimated to grow in the forecast period of 2023-2028 to reach about USD 100 billion by 2026.
The major drivers of the industry, such as the growing demand for affordable and customisable insurance schemes, rising disposable incomes, increasing population, increasing prevalence of various lifestyle-related diseases, and the growing shift towards digitalisation with a focus on providing improved transparency to consumers are expected to aid the market growth.
The key trends guiding the growth of the microinsurance market include the launch of peer-to-peer insurance model, which is consumer-friendly, and the growing adoption of automated portfolio monitoring by the companies engaged in microinsurance business.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with the Asia Pacific accounting for the largest share in the market.
Property, health, life, index, and accidental death and disability insurance are the major product types available in the industry.
The commercially viable microinsurance segment represents the leading microinsurance provider in the industry.
Partner agent model, full-service model, provider driven model, and community-based/mutual model are the major model types available in the industry.
Analyst Review
The global microinsurance market attained a value of USD 68.6 billion in 2020, driven by the increased availability of affordable and customisable insurance policies and the growing focus on digitalisation. Aided by the adoption of automated portfolio monitoring by the industry players, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 6.5%. The microinsurance market is projected to reach USD 100 billion by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its product types, the microinsurance industry can be segmented into property, health, life, index, and accidental death and disability insurance, among others. On the basis of provider, the commercially viable microinsurance segment accounts for the leading share in the industry. On the basis of model types, the industry is segmented into partner agent model, full-service model, provider driven model, and community-based/mutual model, among others. The major regional markets for microinsurance are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific accounting for the largest share of the industry.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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